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Wickes

West Street, Wolverhampton, WV10 6HT 41,319 sq ft

Description

Wolverhampton forms the administrative centre of the West Midlands, located approximately 17 miles north west of Birmingham. Wolverhampton benefits from an extensive catchment population, over 610,000 people are within a 20 minute drive of the subject property. The subject property benefits from being situated in a prominent site fronting Dunstall Road and Stafford Road (A449). The subject property is the only DIY store located in the city, giving it dominance within the city. The property is a purpose built solus retail warehouse unit totalling 41,015 sq ft. Let to Wickes Building Supplies Ltd on a 25 year lease, expiring on 24 October 2029, giving 7.5 years unexpired. Current passing rent of £482,640 per annum, equating to a low rent per sq ft of £11.77. Freehold site area totalling 2.51 acres, with a low site cover of 35%. We are instructed to seek offers in excess of £7,240,000 (Seven Million, Two Hundred and Forty Thousand Pounds), subject to contract and exclusive of VAT. This reflects a net initial yield of 6.25% (assuming purchaser’s costs of 6.65%), and a price of £175 per sq ft.

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